Transfer of Retirement Assets (ToRA)

Transfer of Retirement Assets (ToRA) enables mutual fund companies to transfer to other fund companies the assets and value of mutual fund shares held in fund-sponsored IRA plans and other retirement vehicles. It is a feature of Fund/SERV®, NSCC’s industry standard for processing and settling mutual fund orders.

About

ToRA is accessible via mainframe over DTCC’s SMART connection.

Who Can Use the Service

Fund companies that are members of NSCC and participate in Fund/SERVcan use the service.

Benefits

Reduces the time it takes to complete transfers from two weeks to three days.

Decreases the number of paper transmittals, faxes and phone calls between funds and shareholders.

How the Service Works

Transfer Initiation: A receiving fund electronically submits a ToRA transfer request record through Fund/SERV to the delivering fund.

Transfer Acknowledgment/Rejection: The delivering fund can either acknowledge or reject the transfer request. If the delivering fund does not acknowledge the transfer request, a reminder is sent to both funds for two business days, and then the request is dropped from the system.

Confirmation: The delivering fund submits a confirmation between two and10 business days after submitting the acknowledgement. Theconfirmation states both the transfer and the actual liquidation of the position by the delivering fund at the price determined by the delivering fund.

For More Information

ToRA is a functionality of Fund/SERV, a service offering of National Securities Clearing Corporation (NSCC), a wholly-owned DTCC subsidiary. Fund/SERV is governed by applicable Rules, Procedures, and Service Guides of NSCC, which contain the full terms, conditions, and limitations applicable to the Service. The description herein is for informational purposes only, and NSCC reserves the right to make modifications.